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Investment environment in turkey

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    -1- INVESTMENT ENVIRONMENT IN TURKEY International Investors Association of TurkeyInternational Investors Association of TurkeyInternational Investors Association of TurkeyInternational Investors Association of Turkey AUGUST 2011 This report has been updated in cooperation with Ernst&Young Turkey .      -2- CONTENT CHAPTER 1 TURKEY AND FOREIGN DIRECT INVESTMENT The Foreign Direct Investment Law The Reform Program for the Improvement of the Investment Environment in Turkey Foreign Direct Investment in Turkey   CHAPTER 2 PRIVATIZATION IN TURKEY Privatization Implementation by Years Privatization Implementation by Methods Privatization to Date Highlights 2004-2011 Privatization Bodies CHAPTER 3 INCENTIVES I - INVESTMENT INCENTIVES Main Incentive Tools I-1 Sectoral restrictions I-2 Exemptions from Customs Duties I-3 VAT Exemption I-4 Support for Interest Payment I-5 Social Security Premium Employer’s Contribution I-6 Reduced Corporate Tax I-7 Investment Location Allowance I-8 Re-location support Investment Allowance Regulation   II - EXPORT INCENTIVES   II-1 Export Credits II-2 Exemption from Taxes, Duties and Charges II-3 Insurance of Export Receivables   II-4 Exemption from VAT and Customs Duties for Raw Materials and Intermediary Goods II-5 State Aids for Certain Expenses   III - FREE TRADE ZONES IV - TECHNO PARKS V - RESEARCH AND DEVELOPMENT INCENTIVES   V-1 State Aids for R&D Activities V-2 Reduction from Corporate Tax Base VI - INCENTIVES TO LESS-DEVELOPED REGIONS VI-1 Income Tax Withholding Incentive VI-2 Incentives in the Employer’s Contribution of the Insurance Premiums VI-3 Energy Support CHAPTER 4 TAX SYSTEM   I - CORPORATE TAX I.1 Overview I.2 Tax Rate I.3 Advance Tax I.4 Determination of Taxable Income I.5 Exemptions from Corporate Income Tax    -3- I.6 Schedule for Paying Corporate Tax I.7 Taxation of Branch of a Foreign Entity I.8 Taxation of Capital Gains I.9 Taxation of Interests I.10 Taxation of Royalties and Fees I-11 Taxation of Dividends I.12 Tax Treaties I.13 Depreciation   I.14 Research and Development (R&D) Expenditures   I.15 Tax Year I.16 Statute of Limitation I.17 Other Issues Related to Corporate Tax Law II - INCOME TAX II.1 Overview II.2 Residence II.3 Income Tax Rates II.4 Taxation of Salaries   III - VALUE ADDED TAX IV - SPECIAL CONSUMPTION TAX V - OTHER TAXES V.1 Stamp Tax   V.2 Real Estate Tax V.3 Banking and Insurance Transaction Tax (BITT) V.4 Motor Vehicle Tax VI - MORTGAGE CHAPTER 5 KEY ACCOUNTING CONCEPTS FOR INVESTORS General Statutory Financial Statement Inventories Fixed Assets Depreciation Intangible Assets Government Grants Capitalization of Financial Expenses Employee Termination Benefits Investments in Securities Finance Leases Consolidation Reporting and Filing Requirements Audit Requirements CHAPTER 6 EXCHANGE REGIME Overview Incoming Capital and Repatriation Dividend Transfers Transfer of Royalties and Fees Incoming Loans and Repayment Outgoing Capital Granting Foreign Exchange Loans to Real Persons Resident in Turkey Collection of Export Receivables Payment of Import Debts    -4- CHAPTER 7 FOREIGN TRADE Overview Customs Union Import Regulations Export Regulations CHAPTER 8 ECONOMIC CLIMATE GDP Currency Inflation Turkey’s Integration with European Union  CHAPTER 9 ESTABLISHING A COMPANY WITH FOREIGN CAPITAL The Principal Forms of Business Units in Turkey Joint Stock Companies Limited Companies Branch Office Liaison Offices Unlimited Liability Companies (Partnerships) Registration Procedures Registration of a Company Registration of a Branch Office Registration of a Liaison Office Acquisition of an Existing Firm CHAPTER 10 LABOR LAW, SOCIAL SECURITY LEGISLATION, EMPLOYMENT OF EXPATRIATES LABOR LAW Employment Contracts Principal Employer vs. Sub-employer (Sub-contractor) Relation Notification Period Dismissal of the Employees Collective Dismissal of Employees Consequences of Termination with Invalid Reason Severance Indemnity Annual Paid Leave Working Hours Overtime Work and Works for Extra Hours Unions and Collective Employment Agreements SOCIAL SECURITY SYSTEM Age of Retirement Social Security for Expatriates EMPLOYMENT OF EXPATRIATES CHAPTER 11 COMPETITION LAW ANTI DUMPING REGULATIONS    -5- CHAPTER 12 PROTECTION OF INTELLECTUAL AND INDUSTRIAL PROPERTY RIGHTS  CHAPTER 13 COUNTRY PROFILE Geography Population Time Political Structure Useful Links
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